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1953 Banner Year for Baldwin Piano Co.
According to President's Annual Report
Sales of The Baldwin Piano Co..
Cincinnati. 0., during 1953, the com-
panys 91st year, were substantially
higher than 1952 and the company's
already strong position in the piano in-
dustry continues to improve, Lucien
Wulsin, President, told stockholders at
the annual meeting recently.
The steady advance of Baldwin pi-
anos and organs in musical quality,
and new and better styling, supported
by an aggressive sales and advertising
program, helped to produce Baldwin's
increased volume in 1953, Mr. Wulsin
said. "The company looks forward to
further progress in these divisions of
our business in 1954," he declared.
Net sales for 1953. after deduction
of dealers equities, were 823,120.000
compared with $19,374,000 for 1952.
After provision for regular deprecia-
tion charges amounting to $305,000
and for federal income taxes of $1.-
350,000, earnings for 1953 were $1,-
003,000 compared with $681,000 for
1952.
During the year the company
declared dividends of $6.00 per share
on the preferred stock and $2.00 per
share on common stock. As of Decem-
ber 31, 1953. total current assets were
$13,671,000, while total current lia-
bilities amounted to $5,306,000 or a
ratio of 2.6 to 1.
The company's armament contracts
during 1953, Mr. Wulsin said, reached
regular and more stable production
schedules. "After several years of prep-
aration, operations are beginning to
reflect the results of our past efforts
on these contracts," he declared.
During the past year, Mr. Wulsin
noted, Baldwin introduced a small elec-
tronic organ, the Orga-sonic, which re-
talis for about $1500. The new instru-
ment has met with remarkable success.
he stated. "With it we have substan-
tially broadened our coverage in the
expanding electronic organ market."
Mr. Wulsin told the stockholders.
Baldwin is continuing the extensive
activities of its research and develop-,
ment department, the speaker declared.
"This intensive program to improve
present products .as well as to seek new r
ones that fit into our operations, is
fundamental to industry leadership and
to our company's present prosperity."
Mr. Wulsin declared.
He explained that the working capi-
tal required to finance Baldwins arma-
ments contracts continues to be sup-
plied, in large part, by progress pay-
20
ments from the U.S. Government and
bank borrowings. The company has re-
newed, for 1954, the term loan from
two banks, for a maximum credit of
$2,500,000. During the year, $600,000
was added to reserve for additional de-
preciation of plant and equipment and
$100,000 to reserve for research and
development. These reserves n o w
amount to $1,000,000 and $600,000
respectively.
The stockholders voted at the meet-
ing to change the name of the company
from The Baldwin Company to The
Baldwin Piano Company. On Decem-
ber 31. 1953, the former Baldwin Piano
Company, a wholly owned subsidiary
of The Baldwin Company, was dis-
solved, and its assets and liabilities
were assumed by The Baldwin Com-
pany. Now. by the action of the stock-
holders today. The Baldwin Company
changes its name to The Baldwin Pi-
ano Company.
Mr. Wulsin annouced that James M.
E. Mixter. head of the company's ad-
vertising and sales promotion depart-
ment, had been elected a director. He
succeeds George W. Lawrence, who re-
signed as a vice president and director
on August 31 after 41 years with Bald-
New Kimball Toneboard
Survives Georgia Tornado
Last Spring. John C. Hamrick of
the Baskette Piano Co., Macon, Geor-
Mr. Wulsin also reported that C.
Eugene Rowe had joined the company
on December 1 as Controller, a newly
created position, with responsibility for
all accounting and control functions.
During the past year. Mr. Wulsin
noted the following officers had retired
i naddition to Mr. Lawrence: J. P.
Thornton, senior vice president, after
50 years of service; William H. Smith,
assistant treasurer after 38 years of
service; William H. Smith, assistant
treasurer after 38 years of service. Mr.
Eugene Wulsin. vice president has suc-
ceeded Mr. Thornton as head of the
company's production division.
AMC Prestige
An authoritative economic journal,
"Current Economic Comment,'' pub-
lished by the Business and Research
Bureau of the College of Commerce,
University of Illinois, devoted eight
pages in its November issue to an ar-
ticle on music in industry. AMC was
referred to, and AMC material used
extensively throughout the article.
Written in the light of the costs and
actual economic value of music in the
industrial recreation program, this
piece is an effective boost for music in
industry. In addition to the fact that
it reaches economists—a group prob-
ably not as widely conscious of AMC's
programs as many others—the article
adds to the prestige of AMC.
Hamrick phoned the one source which
might help him. Trice Burger, Kim-
ball's District Representative for that
territory. Trice reported the matter to
of the new Kimball piano was the
KIMBALL TONEBOARD WHICH WENT THROUGH TORNADO.
gia. delivered a new Kimball Studio
Vertical piano to a church in Warner-
Robbins. Ga.. for trial and committee
approval before purchase.
The very next day. a vicious storm
of high winds and rain hit the little
town, completely leveled the church,
and apparently ruined the brand-new
Kimball piano! In his despair, John
the Kimball Chicago home office.
The most Mr. Hamrick could find
back assembly, key bed. and a few
keys. Everything else was gone. The
Life-crowned Toneboard came through
this battering storm in perfect condi-
tion, as well as the complete plate and
back assembly.
The Kimball factory furnished Mr.
Hamrick with the necessary parts to
aid him in rebuilding it. and it was
completely re-built to its original fine
working order.
THE MUSIC TRADE REVIEW, APRIL, 1964